KB Home reports Q1 deliveries down 9% y/y

Reports Q1: Homes delivered decreased 9% y/y to 2,770. Average selling price rose 4% y/y to $500,700. Net orders of 2,772 were down 17%, contributing to a decrease in ending backlog homes to 4,436. Ending backlog value declined 21% to $2.20 billion. Monthly net orders per community decreased to 3.6, compared to 4.6 y/y. The cancellation rate as a percentage of gross orders was 16%, compared to 14% y/y. The Company’s average community count for the quarter reached 257, while the ending community count expanded to 255, both representing a 7% increase y/y.